Vornado Realty Trust sold power shopping center for $260 million

New York-based Vornado Realty Trust, which has offices in Paramus, announced the closing of the sale of its Los Angeles-based power shopping center, Beverly Connection, for $260 million. Of the transaction, $239 million will be produced in cash and the remaining $21 million will be part of a 10-year seller financing.

The sale resulted in a net gain of about $44 million for the company.

Vornado Realty Trust owns and manages more than 100 million square feet of commercial real estate in the United States, including Hotel Pennsylvania in Manhattan. It also has a 32.6 percent interest in Wayne-based toy retailer Toys "R" Us Inc., among other investments.